OREANDA-NEWS. Fitch Ratings has withdrawn the South African Securitisation Programme (RF) Limited (SASP) Series 1's National ratings as follows:

Class A15: 'AAA(zaf)' Outlook Stable; withdrawn

Class A16: 'AAA(zaf)' Outlook Stable; withdrawn

Class A17: 'AAA(zaf)' Outlook Stable; withdrawn

Class A18: 'AAA(zaf)' Outlook Stable; withdrawn

Class A19: 'AAA(zaf)' Outlook Stable; withdrawn

Class A20: 'AAA(zaf)' Outlook Stable; withdrawn

Class A21: 'AAA(zaf)' Outlook Stable; withdrawn

Class 3B4: 'A(zaf)' Outlook Stable; withdrawn

Class 3C4: 'BBB+(zaf)' Outlook Stable; withdrawn

The transaction is securitisations of equipment lease receivables granted by Sasfin Bank Limited in South Africa. Fitch did not rate any classes issued by SASP Series 1 other than those listed above.

KEY RATING DRIVERS

Fitch has withdrawn the ratings as the issuer has chosen to stop participating in the rating process due to the change in Fitch's regulatory status in South Africa. Therefore, Fitch no longer has sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for SASP Series 1.

RATING SENSITIVITIES

Not applicable.

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO RULE 17G-10

No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY

Fitch has withdrawn the ratings for lack of information, including detailed information on latest note issuance.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transaction's initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

Prior to the transaction's latest refinancing in August 2015, Fitch conducted a review of a small targeted sample of the originator's origination files and found the information contained in the reviewed files to be adequately consistent with the originator's policies and practices and the other information provided to the agency about the asset portfolio.

SOURCES OF INFORMATION

- Monthly investor reports from public sources up to June 2016.

- Monthly surveillance reports up to March 2016.

- Loan-by-loan portfolio as of April 2016.